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New “typical?” scenario, your input greatly appreciated

March 2, 2009

Our deal didn’t go together, it took a nose dive last night. Price is the issue. I had done a bit of homework when my clients decided they really liked the house. It appeared as if the owners might owe more than I thought it was worth, and more than my clients thought it was worth. I thought I did my best, I contacted the agent and asked, very delicately about this. (Next time I will not be so delicate) She gave me a very different scenario about the price, understood the market had changed since she listed it, gave me the comps she had used when pricing it. All of those homes she used have since sold, and all around the price we put the offer in at. Last night our conversation was very different, she used a comp that sold at the end of October, and in my opinion, was an anomaly.

So, what happened? I can’t be certain, but I believe my original suspicions were true. There was not a mistake at the town hall after all. They are indeed in an upside down mortgage situation.  My clients are bummed out, but looking online at more homes. I hope we go out this weekend.

I am afraid I will be seeing more and more of this. I am frustrated. I can understand a responsibility to our clients as listing agents. At what point are we to inform any potential buyers that this is a possible short sale? Would that happen when you know the list price is too high, and that the price where it should be is a short sale scenario?

If I pull all my hair out now, I won’t have to spend money getting it cut tomorrow!!!

(Interesting, we are now looking at a higher price range.)

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